Lee Seok Hwang

Lee Seok Hwang is a Professor of Accounting at Seoul National University Business School. He was an Associate Professor in the Department of Accounting at the City University of New York, Baruch College. Professor Hwang was also a Visiting Scholar at Chinese University of Hong Kong. He did his undergraduate work in business administration at Yonsei University in Seoul and received his Ph.D. from Stern School of Business of New York University.

Professor Hwang’s current research is concerned with valuation using accounting information and costs of capital. He is also interested in corporate governance and ownership-related issues both in Korean businesses and international firms. His teaching activities reflect these research interests.

Professor Hwang has published his work in accounting and finance academic journals, including the Accounting Review, the Journal of Accounting and Economics, the Journal of Accounting Research, the Journal of Financial Economics, Review of Accounting Studies, the Journal of Business, the Journal of Accounting, Auditing and Finance. He is also a licensed CPA and a member of the Korean Institute of Certified Public Accountants (KICPA).

Publications

• “Business Group Affiliation, Ownership Structure, and the Cost of Debt,” Hae-Young Byun, Sunhwa Choi, Lee-Seok Hwang and Robert G. Kim, Journal of Corporate Finance, 2013, vol. 23 (December), 311-331
• “Corporate Governance and Payout Policy: Evidence from Korean Business Groups,” Lee-Seok Hwang, Hakkon Kim, Kwangwoo Park and Raesoo Park, Pacific-Basin Finance Journal, 2013, vol. 24 (September), 179-198
• “Does Information Risk Affect the Implied Cost of Equity Capital? An Analysis of PIN and Adjusted PIN,” Lee-Seok Hwang, Woo-Jong Lee, Seung-Yeon Lim and Kyung-Ho Park, Journal of Accounting and Economics, 2013, vol. 55, no. 2-3, 148-167
• “Stock Return Predictability of Residual-Income-Based Valuation: Risk or Mispricing?” Lee-Seok Hwang and Woo-Jong Lee, Abacus, 2013, vol. 49, no. 2, 219-241
• "Do Takeover Defenses Impair Equity Investors' Perception of 'Higher Quality' Earnings?," Lee-Seok Hwang and Woo-Jong Lee, Journal of Accounting, Auditing, and Finance, 2012, vol. 27, no. 3, 325-358
• "How Does Ownership Concentration Exacerbate Information Asymmetry Among Equity Investors?," Hae-Young Byun, Lee-Seok Hwang, and Woo-Jong Lee, Pacific-Basin Finance Journal, 2011, vol. 19, no. 5, 511-534
• "Return Predictability and Shareholders' Real Options," Lee-Seok Hwang and Byungcherl Sohn, Review of Accounting Studies, 2010, vol. 15, no. 2, 367-402.
• "The Relation Between Changes in CEO compensation and Firm Performance: A Japanese/American Comparison," Toshiaki Mitsudome, Joseph Weintrop and Lee-Seok Hwang, Journal of the Japanese and International Economics, 2008, vol. 22, no. 4, 605-619.
• "Corporate Governance, Top Executive Compensation, and Firm Performance in Japan," Sudipta Basu, Lee-Seok Hwang, Toshi Mitsudome, and Joseph Weintrop, Pacific-Basin Finance Journal, 2007 (January) vol. 15, 56-79.
• "Auditor Conservatism and Analysts' Fourth Quarter Earnings Forecasts," Sudipta Basu, Lee-Seok Hwang and Ching-Lih Jan, Journal of Accounting and Finance Research, 2005 (December), vol. 13, no. 5, 211-235
• "CEO Compensation after Deregulation: The Case of Electric Utilities," Stephen Bryan, Lee-Seok Hwang and Steven Lilien, Journal of Business, 2005 (September), 1709-1752.
• "Determinants of Cross-border Listing of American Depository Receipts (ADRs) on Regulated and Less Regulated U.S. Stock Markets," Gordian Ndubizu and Lee-Seok Hwang, Advances in Investment Analysis and Portfolio Management, 2005, vol. 1, 247-266.
• "Ultimate Ownership, Income Management, and Legal and Extra-Legal Institutions," In-Mu Haw, Bingbing Hu, Lee-Seok Hwang, and Woody Wu, Journal of Accounting Research, 2004 (May), 423-462.
• “The Value Relevance of Foreign Income: an Australian, Canadian, and British Comparison,” Gordon Bodnar, Lee-Seok Hwang, and Joseph Weintrop, Journal of International Financial Management & Accounting, 2003 (October), 171-193.
• "Arbitrage Risk and the Book-to-Market Anomaly," Ashiq Ali, Lee-Seok Hwang, and Mark A. Trombley, Journal of Financial Economics, 2003 (August), 355-373.
• "Residual-Income-Based Valuation Predicts Future Stock Returns: Evidence on Mispricing vs. Risk Explanations," Ashiq Ali, Lee-Seok Hwang, and Mark A. Trombley, The Accounting Review, 2003 (Spring), 377-396.
• "The Use of Individualized Problems to Improve Students' Learning," Harry Z. Davis, Lee-Seok Hwang, and Victory Shoaf, Journal of Accounting Education 19, 2001, 189-210.
• "Assessment of Analysts' Target Prices," Stephen Bryan, Lee-Seok Hwang, and Steven Lilien, The CPA Journal, 2001 (July), 47-52.
• "CEO Stock-Based Compensation: An Empirical Analysis of Incentive-Intensity, Relative Mix, and Economic Determinants," Stephen Bryan, Lee-Seok Hwang, and Steven Lilien, Journal of Business, 2000 (October), 661-693.
• "Accruals and Future Stock Returns: Tests of the Naive Investor Hypothesis," Ashiq Ali, Lee-Seok Hwang, and Mark Trombley, Journal of Accounting, Auditing, and Finance, 2000 (Spring), 161-181.
• "Country Specific Factors Related to Financial Reporting and the Value Relevance of Accounting Data," Ashiq Ali and Lee-Seok Hwang, Journal of Accounting Research, 2000 (April), 1-21.
• "International Variation in Accounting Measurement Rules and Analysts' Earnings Forecast Errors," Sudipta Basu, Lee-Seok Hwang, and Ching-Lih Jan, Journal of Business, Finance, and Accounting, 1998 (November/December), 1207-1247.
• "Does the Ownership Structure of Debt and Equity Affect the Agency Costs of Debt? Japanese Evidence," Lee-Seok Hwang and Yong Kim, Journal of Accounting, Auditing, and Finance, 1998 (Winter), 37-66.
• "A Microsoft Excel Template to Estimate Stock Option Fair Value under FASB 123," Hugo Nurnberg and Lee-Seok Hwang, Journal of Corporate Accounting and Finance, 1998 (Autumn), 99-106.
• "CEO Compensation in a Regulatory Environment: An Analysis of The Electric Utility Industry," Stephen Bryan and Lee-Seok Hwang, Journal of Accounting, Auditing, and Finance, 1997 (Summer), 223-251.
• "Loss Firms and Analysts' Forecast Errors," Lee-Seok Hwang, Ching-Lih Jan, and Sudipta Basu, Journal of Financial Statement Analysis, 1996 (Winter), 18-30.
• "CEO Compensation and Control in Japanese Firms," Lee-Seok Hwang, Helen Snider, and Allan Bird, Emerging Markets in Asia, (edited by Kim, Liaw, and Chen), Center of Asian Studies, St. John's University, New York, 1995, 273-302.